Understanding estimates and progress invoicing in QuickBooks Online is crucial as it provides insight into your business’s sales pipeline, helping you better track and convert potential sales into revenue. Additionally, it helps identify high-value customers and areas for improvement in sales and marketing strategies.
In this article, we’ll explain the Estimates & Progress Invoicing Summary by Customer report, its key components, why is it important, and how to run the report in QuickBooks Online.
Understanding the Estimates & Progress Invoicing Summary by Customer Report in QuickBooks
The Estimates & Progress Invoicing Summary by Customer report in QuickBooks Online is a financial report that provides a summary of estimates and progress invoicing activities on a customer-by-customer basis. This report offers insights into your business’s sales and financial progress, tracking the estimates provided to customers and the actual progress invoicing completed for each customer. It helps you manage your sales pipeline, monitor customer engagement, and assess how effectively you’re converting estimates into invoices.
Key components of this report include:
- Customer Information: The report lists all your customers, providing details such as their names, contact information, and other relevant data.
- Estimates: It displays the total value of estimates you’ve created for each customer. Estimates represent the expected revenue from potential sales.
- Invoiced Amount: This section shows the actual invoiced amount for each customer. It reflects the revenue generated from successfully converting estimates into invoices.
- Open Estimates: The report also reveals the value of open or pending estimates that have not yet been invoiced.
How to Generate the Estimates & Progress Invoicing Summary by Customer Report in QuickBooks Online
To get started, navigate to the Reports page in QuickBooks Online. Next, locate the “Estimates & Progress Invoicing Summary by Customer” report.
Preparing to create an Estimates & Progress Invoicing Summary by Customer Report in QuickBooks Online
You can customize the report by selecting the desired reporting period for the report. You can choose a predefined period or set a custom date range. Click the Run Report button, and QuickBooks Online will generate the Estimates & Progress Invoicing Summary by Customer report based on your customization options.
Sample Estimates & Progress Invoicing Summary by Customer Report in QuickBooks Online
Review the report to analyze your sales performance. Pay attention to the estimated values, invoiced amounts, and open estimates for each customer. This information can guide your business decisions, such as targeting customers with high open estimates or improving your sales conversion process.
When is the Estimates & Progress Invoicing Summary by Customer Report Used
- Sales Monitoring: It provides a clear overview of your sales activities, allowing you to track progress with each customer.
- Conversion Analysis: By comparing estimates to actual invoiced amounts, you can assess your ability to convert potential sales into revenue.
- Customer Insights: The report helps you identify which customers generate the most revenue, enabling you to focus on high-value clients.
- Cash Flow Forecasting: Understanding the estimates in the pipeline and their potential conversion into invoices can help you forecast future cash flow.
- Performance Evaluation: It aids in assessing the performance of your sales and marketing efforts by comparing estimated sales to actual results.
The Estimates & Progress Invoicing Summary by Customer report in QuickBooks Online is a useful tool for managing your sales and financial data. It helps you gain valuable insights into your sales pipeline, customer performance, and the effectiveness of your sales and marketing efforts.